Only about 90mn oz of Silver remains available in the LBMA's 'free float' before it grinds down below levels required to satisfy OTC average daily trading volumes, TDS’ Senior Commodity Strategist Daniel Ghali notes.

2025 is going to be Silver's year

“Typical ETF purchases in the year that follows the start of a Fed easing cycle would entirely erode this buffer and further eat into the 'free float', whereas interest in the 'catch-up' trade is already growing.”

“At the same time, there is no evidence that we have reached the strike price necessary for pressure release valves to open. Silver markets appear to have coiled towards the next leg of the rally, and Silver remains the single best expression of the energy transition theme in the commodities complex.”